Do I Need a Will?
Are you wanting to decide who should receive your property and assets after your death? Would you prefer to avoid having your estate go through probate and leaving the decision to the government? Do you want to appoint a guardian and make provisions for the care of a dependent?
If you’ve answered “yes” to any of these questions, then you’ve answered the question of “Do I need a will?”
Every adult needs a will to protect their assets. They should create one as soon as they have property, assets, or a dependent.
If you haven’t made your will, don’t worry; it’s not too late to draw one up.
What is a Will?
A will is a legal document that shows how your assets and property will be shared after your death. It also lists who will receive custody of your minor children. People sometimes call it a Last Will and Testament.
The contents of a will are generally as follows:
- Payment of Expenses. Expenses can include funeral costs and expenses of handling your estate.
- Designation of an Executor. This is the person who will carry out the will’s provisions.
- Naming Beneficiaries. These are the people who will inherit your assets.
- Designation of a Guardian. A guardian is someone who cares for your children or dependents. This includes minors and those with disabilities.
A Will Helps Avoid Uncertainty
A will is important because it lets you state your wishes and decide what happens to your assets. Without a guardian, the state will divide your estate. It will also choose a guardian for your minor children. These laws have rules for dividing your assets. Many people may not want their property split this way. However, without a will, these rules will apply.
It’s also essential to understand that a will doesn’t cover all property. Typically, it distributes items like:
Cash or cash accounts that do not transfer upon death
Retirement and investment accounts that don’t have a beneficiary or transfer-on-death instructions.
Real estate
Personal property
Assets held as “tenants in common”
Items that are normally distributed outside of a will include:
- Trusts
Proceeds from insurance policies
401(k) and 403(b) accounts and IRAs where you name a beneficiary.
Investment, cash, or brokerage accounts where you name a beneficiary.
Assets held as “joint ownership with right of survivorship”
How Does a Will Differ from a Trust?
A will covers property in your name when you die, while a trust covers property transferred to it and held in the trust’s name. A will becomes part of the public record, but a trust can remain private. Even if you have a trust, you still need a will. A will takes effect after your death, whereas a living trust becomes active once you sign it. Both documents can be changed until death, except for an irrevocable living trust.
A revocable living trust can plan for your disability, helping if you can’t make decisions before death. In such cases, you assign a trustee to manage the trust.
Contact Us
A will is essential for adults with assets or dependents. It ensures your wishes for your property and children’s care are followed. Without a will, state laws will decide what happens to your estate. Some assets, like retirement accounts, need separate plans. Creating a will gives you clarity and peace of mind. Working with an estate attorney to ensure your plans are in order is best.
Contact us today to start securing your future.
Disclaimer: The information you obtain in this post is not, nor is intended to be, legal advice. This blog shares general best practices when navigating Virginia or West Virginia law, but you should consult an attorney for advice regarding your individual situation.